The electron transport process makes water and ATP and is sometimes called OXIDATIVE PHOSPHORYLATION because it requires oxygen.
Oxidative phosphorylation is the process by which ATP is formed as a result of transfer of electrons from NADH to oxygen by a number of electron carriers. The process takes place in the mitochondrial of living cells and it is the major process by which ATP is produced. ATP is the only source of energy that is usable by the living cells. The process is termed oxidative because it requires oxygen to occur.